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"A big portion of this round is dramatically building out our engineering team across NZ and also the US. It's going to take up our headcount significantly, and we'll be one of the largest technology companies locally," he said.

Beaton said he hoped Crimson would be employing "around 75" software engineers and developers by year's end.

He said the company had raised $41m in additional funding, but did not disclose further financial information, nor the identity of investors.

Beaton's mother, Auckland businesswoman Paula Beaton, said she was very proud of her son - even if his ability to keep on top of his laundry had not improved alongside his net worth.

"Heavens no, if anything there's been a wanton deterioration. He's a very good manager of time, and he's needed to be with the level of due diligence his investors have undertaken. But I can say that this field of endeavour has suffered as a consequence," she said.

Asked whether Beaton could now likely afford in-house laundry services these days, his mother said, "that's a really good idea".

The capital raising has also proved a jackpot for other New Zealand investors. Seed investment from Auckland University's Ice Angel investor programme is now worth $13.3m.

Crimson co-founder 22-year-old Sharndre Kushor has a 9.7 per cent stake in the company, now valued at $21.2m.

In a statement, Kushor said Crimson had this year held a range of sales events in southeast Asia and South America, promoting their remote mentoring service.

"Students will often have a team of five -10 tutors and mentors from around the world working with them," she said.

Crimson said they employed 2000 consultants and this year their New Zealand clients had won $12m in financial aid and scholarships after gaining admission to offshore universities.